Current liabilities have been defined as “obligation whose liquidation is reasonably expected to require the use of existing resource properly classified as current assets or the creation of other current liabilities.” Notice that, although the operation cycle is not explicitly discussed in this definition, it is implied because the definition of current liabilities depends on the definition of current assets. Examples of current liabilities are short-term payables, the currently maturing portion of long-term debt, income taxes payable, returnable deposits, and accrued liabilities.